542 THE PANAMA ROUTE FOR A. SHIP CANAL. 



provi.sion.s of law 46, of August 10, 1867, ' approving the contract 

 celebration on July 5, 1867, reformatory of the contract of April 15, 

 1850, for the construction of an iron railroad from one ocean to the 

 other through the Isthmus of Panama.'" It became necessary, there- 

 fore, in order to control this feature of the situation, for the old 

 Panama Company to secui-e at least a majority of the stock of the 

 Panama Hail road Company-. As a matter of fact the old Panama 

 Canal Company purchased nearly 69,000 out of the 70,000 shares of 

 the I*anama Railroad Company, each such share having a par Aalue of 

 $100. These shares of Panama Railroad stock are now held in trust 

 for the l)enelit of the New Panama Canal Company. A part of the 

 expenditures of the old company therefore covered the cost of the 

 Pananni Railroad Company's shares now held in trust for the benefit 

 of the new compan3^ 



Immediately after its organization the New Panama C-anal Company 

 resumed the work of excavation in the Emperador and Cule])ra cuts 

 with a force of men which has been reported as varjdng between 1,!»00 

 and 3,600. It also gave thorough consideration to the subject of the 

 best plan for the completion of the canal. The company's charter 

 provided for the appointment of a special engineering commission of 

 five members by the company and the liquidator to report upon the work 

 done and the conclusions to be drawn from its stud3^ This report 

 was to be rendered when the amount expended Ijy the new company 

 should reach about one-half of its capital. At the same time the com- 

 pany also appointed a ""Comite Technique," constituted of 14 eminent 

 European and American engineers, to make a study of the entire pro- 

 ject, which was to avail itself of existing data and the results of such 

 other additional surve3^s and examinations as it might consider neces- 

 sary. The report rendered l)v this committee was elaborate, and it 

 was made No\'eml)er 16, 1898. It was referred to the statutor}^ com- 

 mission of five, to which reference has already been made, which com- 

 mission reported in 1899 that the canal could be consti'ucted within 

 the limits of time and money estimated. On December oO, 18!>9, a 

 special meeting of the stockholders of the new company was callinl, 

 but the licjuldator, who was one of th(^ largest stockholders, declined 

 to take part in it, and the report ('onse(|uently has not received the 

 reipiired statutory consideration. 



The plan adopted by the compan}" placed the miiiinuun elevation of 

 the summit level of the canal at 97^ feet above the sea, and a maximum 

 at 102i feet above the same datum. It provided for a dei)th of :i9i 

 feet of water and a l)()ttom width of canal prism of about 98 feet, 

 except at special places where this width was increased. A dam was 

 to be built near Bohio, wdiich would thus form an artificial lake. Avith 

 its surface varying from 52.5 to 65.6 feet above the sea. Under this 

 plan there would be a flight of two locks at Bohio, about 16 miles 



